By Jeff Kapembwa

Developing Nations and other climate action advocates, victims of the Green Houses Gases (GHGs) walked away from Azerbaijan capital, Baku, frowning after major polluters shot down their financing list to a paltry US$300 billion to insulate the costs and harm to the environment and humanity.

After two-weeks of intense negotiations at the 29th Conference of Parties to the UN Framework Convention on Climate Change (UNFCCC), certain of securing at least US$1.3 trillion annually for insulating climate impact by 2035, the global fight was reduced to ‘at least something for the poor and polluted nations’, making the campaign to protect the planet, a mockery.

The summit, initially dubbed: the ‘climate finance COP’, drawing interest groups from across the globe, all seeking to establish a new, higher climate finance goal, developed nations unanimously agreed to part away with a meagre US$300 billion.

The insufficient funding entails that the island nations and many other poor countries, grappling with climate change impact like floods and other climate driven-calamities may have to contend with the challenges, though heighted to straining calamity.

Island nations and other polluted nations are gnashing their teeth describing the decision to scale down from at least US$1.3 trillion, as “insulting” to the cause because it would not give enough resources required to truly address the complexities of the crisis.

The US$300 billion being extended to affected countries is a ‘partial fulfilment of the pledged US$100 billion the developed nations made during COP 15, which has failed to come to fruition apart from ‘pledges’ not actualized.

Nigeria, slammed the outcome of the summit describing the outcome: “insultingly low” financing target and that: “The agreed text failed to significantly build on an agreement last year at COP28 in Dubai calling for nations to “transition away from fossil fuels”.

A representative from India strongly denounced the new goal, describing it: a “paltry sum” arguing:  “We seek a much higher ambition from the developed countries [and the amount agreed] does not inspire trust that we will come out of this grave problem of climate change.”

The Alliance of Small Island States (AOIS) fears the small funding provided would accelerate their plight, given the existence in which climate change was affecting them.

 “After this COP29 ends, we cannot just sail off into the sunset. We are literally sinking,” and the conference outcome highlighted “what a very different boat our vulnerable countries are in, compared to the developed countries”, a statement said, indicating their negotiators had walked out of the talks in frustration.

Sierra Leone’s representative argued that African nations were disappointed in the outcome, which “signals a lack of goodwill by developed countries.” Indeed, the US$300 billion deal was “less than a quarter of what science shows is needed and barely enough to forestall a climate catastrophe”.

Others, saw the gesture a new direction in overcoming climate change effects, at least for now until a lasting or durable solution was found. The US$100 billion was due to expire in 2025.

A representative from the delegation of the European Union argued that the new climate finance goal would “simply will bring much, much more private money on the table, and that is what we need. And with these funds, we are confident we will reach the 1.3 trillion objectives.

Arguably, countries in their campaigns agreed in unison on the rules for an UN-backed global carbon market. The market is envisioned to facilitate the trading of carbon credits, incentivizing countries to reduce emissions and invest in climate-friendly projects.

These were among the big-ticket issues decided upon as the summit, underway since 11 November in the enormous Baku Stadium in the Azerbaijan capital, ran into double overtime. The countries argued that the ‘downsized’ financing for climate change fight would instead heighten the threat than redressing the crisis.

The summit noted that though deliberations and negotiations went well, various contentious issues including the limited convergence between developed and developing countries New Collective Quantified Goal (NCQG) remain undecided.

Another key agenda, from at COP29 was the fossil fuel lobby by Oil giants seeking to commit $500m for sustainable energy. The campaigners say lobbyists have seized control of climate talks.

Cities in Asia and the United States emit the most heat-trapping gases that feed climate change, according to data. There were efforts at the United Nations climate talks to facilitate an amount rich nations will pay to help the world cut emissions.

According to Climate Trace’s annual data released at COP 29 seven states or provinces spewed more than 1 billion metric tons of greenhouse gases, all of them in China except the US state of Texas, which ranks sixth. Shanghai topped the list, producing 256 million metric tons.

Steps forward; COP29:

Despite various challenges in agreeing over the preferred ‘financing sack’, headways were made in various areas of climate action including gender and climate change. There was a unanimous vote to support least developed countries to at least carry out national adaptation plans.

At COP29, the delegates ratified a framework under Article 6 of the Paris Agreement, enabling global trading of UN-backed carbon credits to unlock critical climate finance. An International carbon standards will henceforth come into force.

There were also resolutions to increase finance commitment announced by multilateral development banks, including the World Bank and European Investment Bank, pledged to raise their climate-related lending to $120 billion annually for developing nations.

The Asian Development Bank also plans to allocate an additional $7.2 billion for climate projects, with support from the US and Japan. Developing countries also welcomed the Operationalization of the Loss and Damage Fund. The fund was established at COP27 but has not been operational.

COP29 has made strides in operationalizing financial assistance mechanisms for nations disproportionately affected by climate change and all countries should strive to update their NDCs with ambitious new targets to limit warming to 1.5°C.

But UN Secretary General António Guterres stung the developed nations for the ‘raw deal’ from the COP29 and maintains the need to keep the temperature at 1.5-degree limit alive, arguing more was expected.

“I had hoped for a more ambitious outcome – on both finance and mitigation – to meet the great challenge we face.” He said. “It must be honored in full and on time. Commitments must quickly become cash. All countries must come together to ensure the top-end of this new goal is met.”

For many vulnerable nations, it represents a glimmer of hope—but only if commitments translate into swift action. “Commitments must quickly become cash,” the Secretary-General stressed, urging all countries to work together to meet the upper end of the new financial goal.

Beyond finance, COP29 built on previous gains in emissions reduction targets, the acceleration of the energy transition, and a long-sought agreement on carbon markets. These achievements come despite an “uncertain and divided geopolitical landscape,” which threatened to derail negotiations.